NEWS

MGM Resorts International finally opened its US$3.4 billion MGM Cotai casino resort in Macau on Tuesday after a series of delays, saying that it was confident the new property would have enough appeal to offset any loss of momentum due to its late opening. The resort’s opening has been delayed four times since 2016, while…

Business

Hongkong Post will launch an EPS cash withdrawal service without purchases for senior citizens in selected post offices. Touring the General Post Office today, Secretary for Commerce & Economic Development Edward Yau said the service will be set up in phases from April. It will be launched progressively in seven post offices, mainly…

The Government recorded a $53.4 billion surplus in December, the Financial Services & the Treasury Bureau announced today. Expenditure was $40.95 billion with revenue at $94.34 billion for the month. Government expenditure for the nine months ending December 31 amounted to $340.9 billion, with revenue at $451.5 billion, bringing the cumulative year-to-date surplus…

German retail and wholesale giant Metro AG, has closed all its convenience stores in China less than two years after setting them up, citing what it said were “drastic changes” in the business environment, including skyrocketing rents in major cities. Its four MyMart stores in Shanghai, which sold fresh and cooked food, as well as…

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Last year would have gone down in Chinese history as an important year for politics and the economy. The successful completion of the 19th Party Congress for the Communist Party has further cemented President Xi Jinping’s political authority and ushered in a new generation of leaders who are ready to take China to the next…

2018 begins with a rare moment of accomplishment for US President Donald Trump’s administration: The United States is verging on the nation’s biggest overhaul of its tax code for a generation, which will radically cut taxes on profits by US multinationals that repatriate their overseas earnings back to the US. Since many of these profits…

Chinese people are accustomed to the sight of attractive, doe-eyed young broadcasters singing and dancing for tips on their smartphone screens. For these internet “stars” the financial rewards have been vast. But now it seems the big money in China’s live-streaming industry is shifting, as a competition based largely on looks and questionable talent gives…

There is an old saying in finance that if you owe the bank US$100, you have a problem. But if you owe the bank US$1 million, then it is the bank that has the problem. Well, the US government owes China US$1.2 trillion (and probably a lot more). Even adjusting for inflation, that means it…

Diplomacy & Defence

Authorities in one of China’s poorest regions are hoping that a multibillion-yuan bet on a huge block of land by a Singaporean shipping company can be the catalyst for an ambitious trade project that has languished for a decade. The goal is to turn the 3 sq km barren block in Nanning, the capital of…

Chinese state media has blamed an American museum for allowing a 2,000-year-old terracotta warrior to be vandalised by holding a party there and not adequately protecting the ancient relics. Reporters from broadcaster CCTV and two Chinese experts this week visited the Franklin Institute in Pennsylvania where the warrior and nine others from China’s world-famous Terracotta…

Malaysia has emerged as the latest battleground pitting Chinese efforts to export its security notions against principles of the rule of law. The Malaysian Bar Association warned in a pithy statement last week that granting a Chinese demand for the extradition of 11 Uygurs from Malaysia would constitute a violation of international law. If Malaysia’s…